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Africa-focused gold miner Perseus says exceeded production and cost guidance in FY23

Kitco Media
By Vladimir Basov
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(Kitco News) - Africa-focused gold miner Perseus Mining (TSX: PRU) announced today that the company produced 535,281 ounces in FY23, up 8.4% compared to FY22 (494,014 ounces), at an all-in site cost (AISC) of $959/oz (FY22: $952/oz).

In a statement, the company said that its FY23 gold production and AISC “significantly outperformed” market production and cost guidance.

Perseus also reported that the company generated notional cashflow of US$452 million in FY23, up 25% from the previous year ($361 million).

“Strong cashflows further strengthened Perseus’s financial position with available cash and bullion of US$522 million with zero debt,” it added.

Perseus operates three gold mines in West Africa (Edikan in Ghana, Sissingué and Yaouré in Ivory Coast), with its third mine, Yaouré, pouring its first gold in December 2020.

The company has recently acquired Orca Gold, and now owns 70% of the Block 14 development project in Sudan, and a 31.4% stake in the Kone gold project in Ivory Coast.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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